Munich, skyline

European reinsurer reserves remain strong despite deterioration: KBW

2019-10-10T13:26:00+01:00

In recent years, spurred on, no doubt, by a heady cocktail of heavy catastrophe losses, loss creep from these losses, and ever greater worry about long-tail casualty risk finally starting to bite, the doom-mongers in the market have raised concerns about the reserve adequacy of some of the major carriers. ...

Tom Booth, CEO of Darag

European legacy remains competitive and strong

2019-09-10T21:02:00+01:00

Over the past decade, as the impact of Solvency II capital requirements has become evident, continental insurers have warmed to the solutions offered by legacy providers. The established legal frameworks, with UK Part VII transfers just one example, have aided the expansion of the sector. Legacy companies and their clients ...

AXA logo on building

Axa eyes sale of Central European operations: report

2019-10-16T10:59:00+01:00

French insurance powerhouse Axa is considering selling its business units in Poland, the Czech Republic and Slovakia for as much as Eur800mn ($883.1mn).

FCA London market

FCA to take 'pragmatic' view on Brexit day

2019-10-11T15:10:00+01:00

The UK Financial Conduct Authority said it will take a proportionate and pragmatic approach to regulatory oversight on Brexit day and reiterated its warning that leaving the EU during the working week could pose “operational challenges for firms.”

Geneva Association

IFTRIP teams up with Geneva Association to launch cyber terrorism task force

2019-10-10T13:55:00+01:00

The International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) and the Geneva Association (GA) are launching a joint task force on cyber terrorism and cyber warfare.

Borough market terrorism

Tackling non-damage BI requires “bespoke” focus: IFTRIP

2019-10-10T12:37:00+01:00

Small and medium-sized enterprises (SME) increasingly require bespoke coverages to tackle non-damage business interruption (NDBI) losses experienced in the aftermath of a terrorist event, but insurers will need to better understand their clients if they are to meet the need, a conference has heard.

IFTRIP – Brussels

Terrorism pools highlight benefits of industry working with governments

2019-10-09T15:57:00+01:00

As the International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) holds its annual conference in Brussels this week, The Insurer looks to the role that public sector partnerships can play in transferring risk for the world’s most costly threats.

QIC

Aqueous secures £60mn capacity from QIC Europe

2019-10-04T13:03:00+01:00

MGA and Lloyd’s coverholder Aqueous Underwriting has entered a deal with QIC Europe, which will see the insurer provide £60mn ($74mn) capacity to the MGA over the next three years.

Cyber Security

Insurers to cover $15mn of Danish firm’s cyber attack loss

2019-10-03T21:50:00+01:00

Danish hearing health care company Demant has estimated a financial impact of DKK550mn to DKK650mn ($88mn to $96mn) from a cyber attack last month after the recovery of DKK100mn ($15mn) from its insurance.

Hurricane Lorenzo

Northern Ireland braces for Hurricane Lorenzo after Azores lashing

2019-10-02T12:14:00+01:00

Tracking over the Azores Islands off the coast of Portugal, category 2 Hurricane Lorenzo is set to reach Northern Ireland at extratropical cyclone strength on Thursday afternoon.

Simon Matson – Gallagher

Simon Matson: a baptism of fire

2019-10-01T08:59:00+01:00

It was an eventful first year for Gallagher UK CEO Simon Matson. Brexit, M&A, the FCA wholesale broking review, Lloyd’s transformation and, of course, the law courts were all competing for his time in addition to the day job of running one the UK’s largest intermediaries. Will it be a ...

RSA – Luxembourg

RSA names Conran permanent CEO of Luxembourg hub

2019-10-01T13:06:00+01:00

UK insurer RSA has named Rachel Conran as permanent CEO of RSA Luxembourg, the office launched last year as part of its preparations for the UK’s exit from the European Union.

Allianz – Germany and Great Britain

European Commission approves L&G GI takeover by Allianz

2019-09-30T14:14:00+01:00

The £242mn ($298.2mn) acquisition of Legal & General’s (L&G) general insurance business by the UK arm of German powerhouse, Allianz, has been given the green light by the European Commission.

GIC Re – Mumbai

GIC considers Russia and LatAm for international expansion: report

2019-09-30T10:30:00+01:00

General Insurance Corporation (GIC) of India has set its sights on Russia and Brazil, as it looks to even out the ratio of domestic to foreign risks in its underwriting portfolio.

Selva Eren

Turkey launches domestic carrier Türk Re

2019-09-30T09:25:00+01:00

The Turkish Ministry of Treasury and Finance has unveiled a new reinsurer, Türk Reasürans AŞ, as the government looks to build out the country’s national insurance sector.

Thomas Stamm – HDI

HDI Global names AIG’s Stamm Swiss branch CUO

2019-09-30T09:10:00+01:00

Talanx-owned HDI Global SE has appointed Thomas Stamm as chief underwriting officer for property and casualty (P&C) within its Swiss branch.

Dublin at night

Travelers to transfer European business to Dublin after Brexit

2019-09-23T09:20:00+01:00

Travelers Insurance Company Limited has received approval to transfer in-force policies and historic liabilities written out of its European branches to its Dublin-based subsidiary, Travelers Insurance Designated Activity Company (Travelers Insurance DAC).

Rsa logo 900px

RSA names Kevin Thompson Ireland CEO

2019-09-16T09:54:00+01:00

RSA Ireland has appointed Kevin Thompson chief executive of the business unit, replacing Ken Norgrove at the helm of the division.

Hurricane

Perils drops Dragi-Eberhard losses to Eur772mn

2019-09-09T11:46:00+01:00

Loss aggregation firm Perils has pegged property damage losses from extratropical cyclone Dragi-Eberhard at Eur772mn ($852mn).